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Given the following transaction: Paid for six-month insurance premium. Coverage will start at the beginning of next month. Required: For the transaction above, complete the

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Given the following transaction: Paid for six-month insurance premium. Coverage will start at the beginning of next month. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) If Retained Earnings is selected, choose the reason that it has changed. Account Which account is affected? Why has Retained Eamings changed? Cash Accounts Receivable Supplies . Prepaid Insurance Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Equipment Accounts Payable Capital Stock Choose One Retained Earnings

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